大厂自研三两事系列：从哲库到玄戒：手机APSoC自研的启示

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the challenges faced by OPPO's Zheku team and the successes of Xiaomi's Xuanjie team in the competitive smartphone market [6][11] - OPPO's Zheku team faced sustainability issues due to high R&D costs and low market demand, leading to the shutdown of the project [6][12] - Xiaomi's Xuanjie team has shown promising results with the launch of the Xuanjie O1 chip, which outperformed market expectations and is supported by a long-term investment strategy [6][25] Summary by Sections 1. Comparison of Zheku and Xuanjie - The report emphasizes the intense competition in the smartphone market, where self-developed SoC chips are a common goal among major brands [11] - Xiaomi's recent launch of the Xuanjie O1 chip has been positively received, indicating a potential shift in market dynamics [6][11] 2. OPPO Zheku - Zheku was established in August 2019 and aimed to build a competitive edge in high-end chip design, expanding to 3,300 employees by May 2023 [12][14] - The team faced significant challenges, including a 28.2% decline in OPPO's smartphone shipments in 2022, which limited the commercial viability of its chips [18][19] - Zheku's total R&D investment reached approximately 10 billion yuan over three years, with a significant portion allocated to personnel costs [17][18] 3. Xiaomi Xuanjie - Xiaomi's Xuanjie team was established in 2014 and has committed to a long-term investment of 50 billion yuan over ten years, with over 13.5 billion yuan invested by Q1 2025 [23][25] - The Xuanjie O1 chip, launched in May 2025, utilizes a 3nm process and has achieved performance metrics that place it among the top-tier chips globally [25][29] - The report notes that Xiaomi's strategy of independent AP and BP chip development allows for flexibility and potential cost reductions in the future [33][34]